Chad's News

I’ve never understood the US government’s reluctance to retire the $1 bill in favor of the $1 coin. The GAO estimates this would save $5.5 billion over 30 years. And while we’re discussing money, wouldn’t it make sense to kill the penny as well—inflation has made them pretty useless, and they cost more than a cent to manufacture.

Link: http://consumerist.com/…

While money can’t buy happiness, lack of money can definitely cause unhappiness. Researchers Angus Deaton and Daniel Kahneman have determined that the cutoff point above which more money doesn’t matter for day-to-day happiness is a salary of $75,000 per year.

Link: http://blogs.wsj.com/…
(via Lifehacker)

Ever wondered just how much television actors make? The linked article shows the top earners. Oprah Winfrey wins by a landslide ($315 million per year), and Charlie Sheen comes in second with $1.25 million per episode. As astronomical as these may seem, average salaries are lower than they used to be. For example, the final season of Friends had all six cast members making $1 million per episode.

Thanks to Mike P. for this link.

Link: http://www.tvguide.com/…

Health reform is now law in the United States, but it’s a far cry from the government-run healthcare that exists in the United Kingdom and Canada. It boils down to this:

• Private insurance companies are restricted in their ability to discontinue or deny care.
• Employers must offer health insurance.
• Medicare and Medicaid are expanded.
• Everyone is required to have health insurance.
• Taxes are increased.

Link #1: http://krugman.blogs.nytimes.com/…

Link #2: http://www.salon.com/…

Starting this year US pennies have a new design on the back, with a shield instead of the Lincoln Memorial. The previous time it changed was back in 1959. And based on what happened with the old wheat pennies, it wouldn’t hurt to save a few hundred dollars worth of the memorial pennies as a long-term investment.

Link: http://www.usmint.gov/…
(via The Consumerist)

I was pleasantly surprised to learn of a new tax credit of up to $400 ($800 for married filing jointly). It’s called “Making Work Pay,” and pretty much everyone is eligible. The thing about this credit is that it’s easy to miss—you have to claim it on the main tax form and fill out Schedule M. And keep in mind that this is a tax credit, not a deduction. You calculate the amount you owe and then subtract $400.

Link: http://taxes.about.com/…

Despite the many attempts to cash million-dollar bills and the availability of fakes, the largest banknote ever printed by the US government was a mere $100,000. The linked article has this and other interesting facts about obscure and large-denomination bills.

Link: http://www.mentalfloss.com/…

I’ve been a member of USAA since 1986 and have had a USAA checking account for quite some time. USAA is by far the best bank I’ve ever used. Even though it’s located in Texas, it deals with military members scattered throughout the world, and therefore makes long-distance banking quite easy.

USAA offers different services, based mainly on whether or not you (or a parent/spouse) is serving or has served in the military. Membership has its privileges, and I recommend joining if you qualify. But many of the banking services are available to the general public. The USAA website has more information about membership requirements and benefits, and the linked article discusses the banking aspect in more detail.

Link: http://consumerist.com/…

According to the New York Attorney General, three major banks paid out nearly $18 billion in bonuses, yet only managed to drum up $9.6 billion in revenue. That’s revenue, not profit. They gave bonuses worth almost twice their total income. Seems pretty absurd to me.

Link: http://consumerist.com/…

The linked article has some interesting facts about the US penny. Personally, I’m all for getting rid of them, especially since each penny costs 1.4¢ to create. Pennies account for half of all coins minted in the US, with a total yearly cost of about $75 million. Seems like a practical method of cutting the budget. And it’s not that difficult to implement—prices are simply rounded to the nearest multiple of five. The US military already does this overseas in its AAFES stores.

Link: http://www.time.com/…
(via digg)

One of the banks in my area is offering a free iPod Shuffle to people opening new accounts. Here’s the story of a guy who chose his bank based on a free gift, and he more than paid for it. All I can say is TANSTAAFL (with thanks to Robert Heinlein).

Link: http://www.getrichslowly.org/…
(via mental_floss)

Here’s a trillion dollars put into perspective. And keep in mind these are $100 bills they’re using.

Link: http://www.pagetutor.com/…
(via The Presurfer)